Named after Salmon P. Chase, the Secretary of Treasury during the Civil War, it is the largest building at the Academy and serves as the barracks for approximately 1,000 cadets and officer candidates. Emblazoned on its foyer deck are words of RADM Stephen H. Evans, Superintendent of the Academy (1960-1962): "Who lives here reveres honor, honors duty". He implemented what is today known as the "Honor Concept": cadets are of honor. They do not lie, cheat, deceive or steal.

The Cadet Regiment is made up as follows: 1 Regiment, 4 Battalions, and 8 companies of 3 departments, with varying numbers of divisions in those departments. When the Academy was first established, the bulk of training for cadets was done on sailing vessels. The Revenue Cutter CHASE followed the original training ship, DOBBIN, as the focal point for most of the cadets' training experience. Later, the Academy was changed to include more on-land training, and its site was moved from Fort Trumbull (located in downtown New London, CT) to its current location. In keeping with the tradition that the CHASE had served as the cadet barracks at sea, the new on-land barracks were given the name in reverence for the role the cutter CHASE served in preparing cadets for duty as Coast Guard officers. The building also contains the Commandant of Cadets, the Cadet Watch office, the rifle and pistol range, a tailor shop, the Academy Bookstore open M-F 7:30 a.m. to 5 p.m., dry cleaners, guest quarters, uniform center, the Cadet and Officer Candidate Wardroom (dining facility), and a dining facility for Coast Guard personnel.